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Clavis Pharma Raises NOK 129 Million (USD 20 Million) in a Private Placement to Fund Further Development of its Pipeline of Novel Anticancer Drug Candidates

OSLO, Norway, June 26 /PRNewswire-FirstCall/ -- Clavis Pharma ASA (OSE: CLAVIS) today announced that the Company has raised NOK 129 million (equivalent to USD 20 million) in gross proceeds through a private placement of 10,750,000 new shares, each with a par value of NOK 1.00 at a price of NOK 12.00 per share (the "Private Placement").

The Private Placement took place through a bookbuilding process and was managed by Carnegie ASA and DnB NOR Markets as joint-lead managers and joint bookrunners. The Private Placement, which represents approximately 80% of the current outstanding share capital, was well oversubscribed at the issue price and was supported by existing life science and institutional investors, including NeoMed Management and MVM Life Science Partners, as well as new institutional investors.

The net proceeds to the Company from the Private Placement will provide financial resources to achieve key clinical data on its products in development, and optimise its commercial strategy. More specifically, the Company intends to use the net proceeds to:

    i)  Obtain randomised data from clinical studies for lead products
         a. Complete first part of a Phase II/III registration study for
            elacytarabine in leukaemia (AML)
         b. Complete a randomised Phase II study with IV CP-4126 in
            pancreatic cancer
         c. Complete Phase I study for Oral CP-4126 in various solid cancers
    ii)  Achieve pre-clinical proof of concept for CP-4200
    iii) Place the company in a position of strength from which to negotiate
         appropriate partnership agreements as well as for general corporate

Completion of the Private Placement is conditional upon approval by the Company's Extraordinary General Meeting to be held on or about 15 July 2009 (the "EGM"). Shareholders representing more than the required two thirds of the shares

SOURCE Clavis Pharma ASA
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